Park Community Credit Union - Labor Productivity Rises

Labor productivity rose in 20 of 28 selected service-providing industries in 2017, the U.S. Bureau of Labor Statistics reports, the same as in 2016.

This is good, since labor productivity has a lot to do with growing the economy, and adding (or saving jobs). When productivity rises, companies get more “bang for their buck” per hour worked.

Output increased in 19 industries in 2017, fewer than in 2016, while hours increased in more industries.

Hours worked grew in 16 of the 28 industries. Productivity gains of at least 7.0 percent occurred in 3 industries where output increases coincided with declines in hours worked: amusement parks and arcades (13.7 percent), wireless telecommunications carriers (11.1 percent), and gambling industries (7.9 percent).

Hours worked increased in 7 out of the 8 industries which recorded declines in productivity. Of these, the largest gains in hours worked were in truck, trailer, and RV rental and leasing (6.8 percent); couriers and messengers (5.5 percent); and water, sewage and other systems (4.4 percent).

Unit labor costs declined in 9 industries in 2017. Each of the industries with declines in unit labor cost also recorded increases in productivity. Increases in labor productivity counter the impact of rising hourly compensation on unit labor costs facing employers.

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